Latinas in the Workforce: The Strength of Our Dollar and the Rise of Latina Business Owners
Latinas are making significant strides in the workforce, proving that we are a powerful force in today's economy. As business owners, professionals, and consumers, Latinas are impacting various industries and contributing to the growth and diversification of the economy. In this blog post, we will delve into statistics that showcase the impressive progress of Latinas in the workforce, the rise of Latina-owned businesses, and the power of our dollar.
Latinas in the Workforce
According to the U.S. Bureau of Labor Statistics, as of 2020, Latinas accounted for 17.4% of employed women in the United States. Over the years, more and more Latinas have been joining the workforce and contributing to the overall growth of the economy. In particular, the labor force participation rate of Latinas has increased from 53.8% in 2000 to 57.2% in 2020.
Furthermore, Latinas have made significant advancements in obtaining higher education degrees. The National Center for Education Statistics reported that the percentage of Latinas earning bachelor's degrees has increased from 6.4% in 2000 to 9.6% in 2019.
The Rise of Latina-Owned Businesses
The growth of Latina-owned businesses has been nothing short of remarkable. According to the 2020 State of Women-Owned Businesses Report commissioned by American Express, Latina-owned businesses have seen an astounding 87% growth rate over the past five years. As of 2019, there were 2.3 million Latina-owned businesses in the United States, making up 18% of all women-owned businesses.
Not only are these businesses growing in number, but they are also thriving in various industries, such as health care, social assistance, professional services, and retail trade. The success of these businesses can be attributed to factors such as hard work, determination, and an unwavering entrepreneurial spirit that is deeply ingrained in the Latina community.
The Power of the Latina Dollar
The economic influence of Latinas extends beyond the workforce and business ownership. As consumers, Latinas have substantial purchasing power. A report by Nielsen titled "Latina 2.0: Fiscally Conscious, Culturally Influential & Familia Forward" estimated that the buying power of Latinas in the United States would reach $1.7 trillion by 2020, in 2023 we are closer to the $2 trillion mark—and our purchasing power isn’t going to slow down!
Latinas are highly influential in our households, often making important purchasing decisions for our families. We are not only driven by price but also by the quality and cultural relevance of the products we buy. Brands that recognize and value the importance of Latinas in the market can tap into this immense buying power by understanding and catering to our unique preferences and needs.
Conclusion
Latinas are making a significant impact on the American economy as professionals, business owners, and consumers. The rising number of Latina-owned businesses and the increasing influence of the Latina dollar demonstrate the strength and resilience of the Latina community. As Latinas continue to break barriers and pursue their dreams, we
are inspiring generations of women to follow in their footsteps and make their own mark on the world.
